State Street Global Advisors has announced that it will acquire Bank of Ireland Asset Management (BIAM) for approximately 57 million euros, inclusive of net assets of the business estimated at 14 million euros.
The transaction is expected to be completed by the end of March 2011, if not earlier, and SSgA expects the transaction to be slightly accretive to 2011 earnings, excluding one-time costs.
BIAM currently has around 26 billion euros in assets under management among more than 500 clients. More than 120 employees of BIAM are expected to join SSgA in Dublin.
Chris Johns, currently the interim chief executive and chief investment officer of BIAM, will be named SSgA chief investment officer for fundamental active equity and will report to Rick Lacaille, SSgA’s global chief investment officer, the company stated.
